Business Overview

Fusion CX Limited is an AI-first customer experience (CX) services provider offering domain-specific CX services across seven industries through eight service lines. The company operates 42 delivery centers across 14 countries supporting 28 languages. Key verticals include Telecom & Utilities (39.2% of Q2 FY27 revenue), BFSI (18.2%), High-tech, Travel & Other (16.1%), Healthcare (14.5%), and Retail (12.0%).

The company has developed several proprietary AI platforms:

  • Accent Harmonizer: Real-time accent harmonization for clearer live calls (used by 75% of workforce)
  • AI QMS: Automated quality scoring of up to 100% of interactions (200+ client processes)
  • Sayin.AI: Voice agents and chatbots handling routine calls and chats (5 languages supported)
  • MindWorkplace: Workplace platform for agent productivity and workforce management (100% of workforce)
  • Arya: AI assistant for agents on live conversations
  • TrainX: AI-led training for new and existing agents (100% of onshore programs)
  • AI Data Infrastructure Platform: Platform for AI training-data delivery through Annotera and Roborax (launch planned mid-Q3)

Financial Performance - Q2 FY27

Revenue: ₹5,253 Mn (22.1% YoY growth from ₹4,303 Mn in Q2 FY26)

Other Income: ₹150 Mn (153.0% YoY growth from ₹60 Mn)

Total Income: ₹5,403 Mn (23.9% YoY growth from ₹4,363 Mn)

EBITDA: ₹976 Mn (15.2% YoY growth from ₹847 Mn)

EBITDA Margin: 18.6% (vs 19.7% in Q2 FY26)

PAT: ₹586 Mn (31.3% YoY growth from ₹447 Mn)

PAT Margin: 11.2% (vs 10.4% in Q2 FY26)

Debt to Equity Ratio: 0.5 times

DSO: 73 days

Financial Performance - H1 FY27

Revenue: ₹10,158 Mn (20.4% YoY growth from ₹8,434 Mn in H1 FY26)

Other Income: ₹284 Mn (131.9% YoY growth from ₹123 Mn)

Total Income: ₹10,442 Mn (22.0% YoY growth from ₹8,557 Mn)

EBITDA: ₹1,927 Mn (27.7% YoY growth from ₹1,510 Mn)

EBITDA Margin: 19.0% (vs 17.9% in H1 FY26)

PAT: ₹1,142 Mn (56.3% YoY growth from ₹731 Mn)

PAT Margin: 11.2% (vs 8.7% in H1 FY26)

H1 FY27 delivered 56% of FY26 revenue and 67% of FY26 PAT.

Operational Metrics

People and Productivity:

  • Revenue per Employee (annualized): ₹1.4 Mn
  • Number of Employees: 15,101 (as of period closing)
  • Voluntary Employee Attrition (annualized): 29.4%

Revenue by Geography (Q2 FY27):

  • US & Canada: 81.0%
  • EMEA: 4.3%
  • India: 9.9%
  • Australia & Others: 4.8%

Revenue by Delivery Centers (Q2 FY27):

  • Offshore: 27.0%
  • Onshore: 33.3%
  • Nearshore: 39.7%

Client Concentration (Q2 FY27):

  • Top 5 clients: 36.5%
  • Top 10 clients: 48.9%
  • Average relationship length: Top 5 - 11.5 years, Top 10 - 13.0 years, Top 15 - 10.8 years, Top 20 - 10.3 years

Financial Statements Summary

Consolidated Statement of Profit and Loss (H1 FY27):

  • Employee benefits expenses: ₹6,926 Mn
  • Finance costs: ₹187 Mn
  • Depreciation and amortization: ₹477 Mn
  • Other expenses: ₹1,588 Mn
  • Profit before tax: ₹1,263 Mn
  • Total tax expense: ₹121 Mn
  • Earnings per share (Basic): ₹9.04
  • Earnings per share (Diluted): ₹8.96

Consolidated Balance Sheet (as at 30 Sep 2026):

  • Total Assets: ₹16,134 Mn
  • Property, plant and equipment: ₹1,009 Mn
  • Right-of-use assets: ₹1,075 Mn
  • Goodwill: ₹5,532 Mn
  • Other intangible assets: ₹985 Mn
  • Trade receivables: ₹4,177 Mn
  • Cash and cash equivalents: ₹586 Mn
  • Total Equity: ₹6,786 Mn
  • Equity share capital: ₹127 Mn
  • Borrowings: ₹3,073 Mn (Non-current: ₹897 Mn, Current: ₹2,176 Mn)

Cash Flow Summary (H1 FY27):

  • Operating cash flow: ₹1,329 Mn
  • Cash conversion (OCF/EBITDA): 69.0%
  • Net capex: ₹(110) Mn
  • Free cash flow: ₹1,220 Mn
  • Acquisition of subsidiaries: ₹(1,276) Mn
  • Cash acquired with subsidiaries: ₹249 Mn
  • Net acquisition outflow: ₹(1,027) Mn
  • Net change in cash: ₹(547) Mn
  • Closing cash and cash equivalents: ₹586 Mn

Strategic Developments

The company has a strong acquisition record with recent forays into Germany, focusing on businesses that add capability in customer acquisition, onboarding, order fulfillment, KYC, fraud prevention and tech support. Acquired entities are expected to contribute to inorganic growth in H2 FY27.

The AI Data Infrastructure platform (Annotera and Roborax) is planned for launch in mid-Q3 FY27, targeting the AI training-data market projected to grow from $2.0B (2025) to $8.7B (2030) at 34% CAGR.

Awards and Certifications

Recent recognitions include:

  • US CX Awards 2026: Gold, Best B2B CX · Best Use of AI
  • International CX Awards 2026: Gold, Best Use of AI
  • Frost & Sullivan 2026: NA Customer Value Leadership
  • Everest PEAK Matrix® 2026: Major Contender, Americas
  • ET Enterprise AI 2026: Best Data Labeling (Annotera)
  • Certifications: ISO 27001 · SOC 2 · PCI DSS · HIPAA · HITRUST i1 · MBE (US)

Investor Contacts

  • Jatin Babani: jatin.babani@in.ey.com
  • Sowmiya Manickam: sowmiya.manickam@in.ey.com
  • Amit Soni: amit.soni@fusioncx.com